Posted on: 05th Jun, 2009 11:47 am
i bought my house 14 months ago at interest rate 6.5 and second lien at 9.25. now i am doing refinance, new appraisal report home value shows $15000 less than purchased price. so its missing 80 or 85% equity line.
i locked at 5.25% to refinance for first lien, in this case is it worth doing refinance?
second lien would be subordinated during refinance.
to meet 85% equity line, i have to make a down payment around $20,000.
my home zip code is 75056
please guide me.
thanks
i locked at 5.25% to refinance for first lien, in this case is it worth doing refinance?
second lien would be subordinated during refinance.
to meet 85% equity line, i have to make a down payment around $20,000.
my home zip code is 75056
please guide me.
thanks
Rajyar,
Welcoem to the forum.
You need to ask your self how long you plan to stay in the hosue first.
The main reason for refiancing would be to take advantage of lower interest rates and reduce yoru monthly payment and also probably pay off the loan soon.
You need to do soem calcualtions also. one you knwo how logn you plan to stay in that house, calcuate your payments for that tiem range usign the current interst and do the same for the new loan with the new rate and also add the clsoign cost for that an dsee which si better.
God luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcoem to the forum.
You need to ask your self how long you plan to stay in the hosue first.
The main reason for refiancing would be to take advantage of lower interest rates and reduce yoru monthly payment and also probably pay off the loan soon.
You need to do soem calcualtions also. one you knwo how logn you plan to stay in that house, calcuate your payments for that tiem range usign the current interst and do the same for the new loan with the new rate and also add the clsoign cost for that an dsee which si better.
God luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.